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Market Update by Solidecn.com

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S&P 500 - Prospects for a slowdown in the US Fed's “hawkish” rate support the stock market

The American stock market continues to recover its positions against the backdrop of positive signals from the US Federal Reserve, which were received from the minutes of the last meeting of the monetary policy department. According to the published document, the agency acknowledges the serious uncertainty in the economy associated with high interest rates and does not rule out the start of a slowdown in the pace of their adjustment to assess the effect on the economy from the steps already taken. Also, the previous level of stability of the value was revised upwards, and this gives the market a signal that the rate will change next year as well. Thus, analysts confirmed their confidence in the continued tightening of monetary stimulus by the US Federal Reserve, but at the December meeting, they expect an increase of 50,0 basis points, and not 75,0 basis points, as it was in November.

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The index quotes continue the local corrective trend, and on the daily chart, they still form a Flag pattern, rising toward the resistance line, and technical indicators hold a buy signal.

Support levels: 3940, 3746 | Resistance levels: 4126, 4310
 

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CAC 40 - French stock market continues to rise actively

French companies continue to demonstrate fairly strong financial results, despite another decline in business activity in the country: in November, the figure corrected from 103 points to 101 points against the forecast of 102.0 points. However, at the moment, the attention of investors is drawn to the statement of representatives of the automotive corporation Renault Group on the conclusion of cooperation with the energy companies Engie SA, Voltalia SA and Electricite de France SA for a 15-year supply of electricity from renewable sources, which can cover up to 50% of the needs of the automaker in the country. Recently, the issue of decarbonization of production in France has been quite acute, and reports of a deal may cause approval from the environmental community, allowing the issuer to attract additional investment.

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On the daily chart, CAC 40 quotes continue to trade above the resistance line of the descending corridor, and the technical indicators strengthen the buy signal.

Support levels: 6610, 6340 | Resistance levels: 6800, 7160

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GBPUSD Technical Analysis

The GBPUSD pair fluctuates within tight track since morning, which keeps the bullish trend scenario valid as it is without any change, depending on the price stability above 1.1990, supported by stochastic approach to the oversold areas, reminding you that we are waiting to rally towards our next positive target that reaches 1.2260.

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The expected trading range for today is between 1.2030 support and 1.2210 resistance, and the expected trend for today is Bullish. 
 

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Euro maintains gains near four-month highs against dollar

Euro rose in European trade against dollar for the fourth straight session, almost hitting four-month highs amid fading concerns about the policy gap between Europe and the US. The greenback is trading near three-month lows under pressure from Fed's minutes, which bolstered the case for a 0.5% rate hike in December. EURUSD rose 0.2% to 1.0428, after closing up 0.15% yesterday, the third profit in a row as risk appetite improves in the market. 

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Euro is up over 1% so far this week against dollar on track for the second weekly profit in three weeks. 
Euro hit four-month highs at 1.0481 earlier this month before entering a wave of losses on active profit-taking. 
Current gains come amid fading concerns about the policy gap between the US and Europe, with the ECB expected to raise rates by 75 basis points in December. 


The Dollar

The dollar index last traded near three-month lows at 105.34 against a basket of major rivals. Latest Federal Reserve minutes showed US policymakers are content about their ability to move forward and raise interest rates in a slower place. 

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Gold Technical Analysis

Gold price tests the key support 1746.4 and keeps its stability above it until now, which keeps the bullish trend scenario valid for the upcoming period, supported by the EMA50, waiting to resume the bullish bias to visit 1765 initially. On the other hand, we should note that breaking 1746.4 and holding below it will stop the positive scenario and push the price back to the correctional bearish track again, to head towards testing 1721.65 areas initially.

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The expected trading range for today is between 1735 support and 1775 resistance, and the expected trend for today is Bullish.

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AUDUSD - Australian economy shows signs of decline

The reason for the negative dynamics was poor macroeconomic data: according to the Australian Bureau of Statistics, retail turnover in October fell by 0.2% after rising by 0.6% in September, which was the first decline since falling by 4.1% in December 2021 and is a consequence of the weakening in all leading industries, except for products retail trade. The leaders of the negative movement were department stores, which lost 2.4%, closely followed by the clothing trade sector (–2.0%), and for the first time since January, the indicators of restaurants and cafes decreased (–0.4%). ABS Head of Retail Statistics Ben Dorber said the correction results from higher interest rates and could be long-term.

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On the daily chart of the asset, the price is moving in a downward channel, and after reaching the resistance line, a reversal begins to form. The technical indicators maintain a weakening buy signal. 

Resistance levels: 0.6765, 0.6970 | Support levels: 0.6600, 0.6410
 

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Crude Oil Price Suffers Strong Losses

Crude oil price ended last Friday with strong negativity to settle at 76.05 level, starting today with additional strong decline to break the mentioned level and reach 74 areas now, which pushes the price to suffer more expected losses in the upcoming period, opening the way to head towards 72.60 areas as a next main station.

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Therefore, the bearish bias will be expected for today, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 76.05 will stop the suggested decline and lead the price to attempt to recover again.

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The expected trading range for today is between 72 support and 75.7 resistance, and the expected trend for today is Bearish
 

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NZDUSD Breaks the Support

The NZDUSD pair faced negative pressure to break 0.6240 and settles below it, which pushes the price to achieve more expected decline in the upcoming sessions, targeting visiting 0.6100 areas mainly.

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Therefore, the bearish bias will be suggested for today, noting that breaching 0.6240 and holding above it again will reactivate the positive scenario that its first target located at 0.6315.

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The expected trading range for today is between 0.6150 support and 0.6260 resistance, and the expected trend for today is Bearish
 

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USDCAD - the pair is preparing for the strengthening of the downward dynamics

According to the latest survey, the situation of small and medium-sized enterprises in the third quarter improved markedly: 23.5% of enterprises expect difficulties in acquiring resources, and not 26.8%, as it was before, against the backdrop of a decline in inflation to 6.9% from a peak of 8.1%, only 32.4% of organizations expect a new price increase, which is lower than 34.0% in the previous period; and 34.4% predict a decline in profitability, up from the previous 35.9%. Overall, 29.8% of businesses said they still have problems maintaining inventory levels or purchasing, which is lower than the previous estimate but still quite a lot.

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On the daily chart, the asset again approached the Neckline of the previously implemented Head and shoulders pattern to test it. The EMA fluctuation range on the Alligator indicator remains downwards, increasing the likelihood of the trend continuing, and the AO oscillator histogram forms bars in the sell zone.

Resistance levels: 1.35, 1.363 | Support levels: 1.3335, 1.3223
 

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ASX 200 - Australian stock market continues its uptrend

Thus, the largest Australian financial conglomerate Commonwealth Bank of Australia today will present financial results for the third quarter, from which analysts expect a significant increase in revenue in the area of 12.02 billion Australian dollars, and the diversified company Wesfarmers Ltd., according to preliminary estimates, will record revenue at the level of 6.97 billion Australian dollars, up from 7.05 billion Australian dollars a quarter earlier. Earnings per share are projected in the region of 1.0 dollar, in line with the previous quarter.

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On the daily chart of the asset, the price is trading within the global side channel, having reached the resistance line the day before, and the technical indicators keep a stable buy signal.

Support levels: 7170, 7000 | Resistance levels: 7280, 7440
 

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BTCUSD - decline may continue

Like the rest of the cryptocurrency market, the BTC coin is experiencing the consequences of the bankruptcy of the FTX exchange, which risks causing a “domino effect” and leading to significant losses for other large companies in the digital sector. Currently, a direct consequence of this event is the loss of funds by millions of creditors and the financial problems of more than a dozen cryptocurrency platforms, including Galaxy Digital, Sequoia Capital, BlockFi, Crypto.com, and others. Investors are most wary of the current situation with a subsidiary of the Digital Currency Group: Genesis Global Capital offered investors to issue loans in cryptocurrencies at a high interest rate. This service was also used by the FTX exchange, secured by its own FTT token, and after its closure, the Digital Currency Group experienced a liquidity deficit of 1.0B dollars, which has not yet been closed. According to experts, the bankruptcy of the Digital Currency Group could have even more significant consequences for the cryptocurrency industry than the fall of FTX, as many digital enterprises will be deprived of the opportunity to raise additional capital. Community members understand this danger and are creating a fund under the auspices of the Binance exchange to support companies affected by the crisis. The total amount of funds allocated for this may reach several billion dollars, but whether they will help stabilize the market is still unknown.

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Resistance levels: 17500, 19100, 20000 | Support levels: 15700, 15000, 13750
 

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GBPJPY tends to postpone the rise

The GBPJPY pair surrendered to stochastic negativity by forming new negative wave and press on the additional support 166.80 after failing to surpass 168.20 barrier. We will start suggesting the correctional bearish attempts that might target 165.90 followed by reaching the moving average 55 at 164.50, while surpassing the mentioned barrier will cancel the negative overview and allows us to wait to record many gains by moving towards 169.40 and 170.20.

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The expected trading range for today is between 167.35 and 165.9, and the expected trend for today is Bearish
 

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USDCHF Technical Analysis

The USDCHF pair fluctuates with calm positivity to approach 0.9500 barrier, noticing that the EMA50 forms continuous negative pressure against the price, to support he continuation of the expected bearish trend for the upcoming period, which its next targets located at 0.9355 followed by 0.93. Therefore, we will continue to suggest the bearish trend on the intraday basis unless breaching 0.9540 and holding with a daily close above it. 

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The expected trading range for today is between 0.9390 support and 0.9520 resistance, and the expected trend for today is Bearish.

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Crude Oil - EU countries again did not agree on the maximum price level for oil from Russia

Representatives of the EU countries could not agree on the limitation of prices for Russian oil. According to one of the diplomats, the reason was the position of the representatives of the Polish delegation, which again refused to agree, demanding a significant reduction in the price ceiling from the current offer of 65.0–70.0 dollars per barrel since now this limit does not hinder exports in any way and will not significantly pressure on the Russian budget. Also, according to yesterday's data, the cost of a barrel of Urals oil was 51.96 dollars. As for the deal itself, the market has less and less confidence that all participating countries will finally accept it in the EU before December 5, when the restrictions provided for by the eighth package of sanctions, including the embargo on the supply of "black gold" from the Russian Federation by sea, will come into force.

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On the daily chart of the asset, the trading instrument is moving within the downward corridor, approaching the resistance line, and the technical indicators maintain a stable sell signal, which does not rule out a local correction.

Resistance levels: 88.20, 95 | Support levels: 82.80, 77.5
 

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NZDUSD -Quotes remain within the downward channel

Thus, according to the report of Statistics New Zealand (Stats.nz), employment in the main sectors of the economy in October adjusted to 2.32M jobs, but the decrease in the indicator in the primary sectors was 1.7%, in the commodity-producing sector, growth reached 0.6%, while the service sector showed no change. Regarding age groups, the largest increase in the value was observed in the category of 15–19 years old, which added 18.5%, and the maximum outflow of workers was in the category of 25–29 years old, which amounted to –3.3%. Considering that the first category includes mainly part-time jobs, the increase in this category had little effect on economic activity. The situation in the asset may change tomorrow when the data on building permits is published, the positive dynamics of which reached 3.8% last month.

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The trading instrument moves within the downward channel on the daily chart, steadily near the resistance line. Technical indicators maintain a stable buy signal, working out a slight correction.

Resistance levels: 0.6265, 0.6467 | Support levels: 0.61, 0.5878
 

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Euro resumes gains on European interest rate prospects

Euro rose in European trade today, resuming the gains against dollar after a two-day hiatus on profit-taking from five-month highs back then, with current gains coming amid estimates of a 0.75% rate hike by the ECB next month. The greenback fell amid improving risk appetite in the market while demand on safe havens slow down, with investors expecting China to control the ongoing protest in China quickly. 

EURUSD rose over 0.5% to 1.0394, after falling 0.55% yesterday, the second loss in a row on profit-taking, after hitting five-month highs earlier at 1.0496. 

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European Rates 

Now markets almost fully expect the ECB to increase interest rates by 75 basis points in December instead of 50 basis points, following bullish remarks by ECB President Christine Lagarde. Investors await important European inflation data tomorrow for November to gauge final chances for a 0.75% rate hike by the ECB. 

 
The Dollar

The dollar index fell 0.5% on Tuesday, resuming losses after a two-day advance from three-month lows back then at 105.22 against a basket of major rivals. The greenback recouped recently following some bullish remarks by a few Fed officials that showed the Fed might still be aggressive in its policy tightening efforts. Fed Saint Louis President James Bullard said the ECB needs to raise interest rates by a bit more, while New York Fed President John Williams said the Fed needs to carry on its path of rate hikes.

The dollar fell today as risk appetite improved in the markets, while Asian stocks advanced, led by Chinese stocks, hurting demand on safe haven. Investors now mostly expect Chinese authorities to control ongoing protests and alleviate some of the strict Covid 19 restrictions. 
 

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USDCAD Begins Bearish Wave

The USDCAD pair touched the key resistance 1.3500 and consolidated below it, to start providing negative trades by today’s open, which encourages us to suggest building bearish wave on the intraday basis, targeting testing 1.3350 initially.

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Therefore, the bearish bias will be suggested for today unless breaching 1.3500 and holding above it, noting that breaking the targeted level will extend the bearish wave to reach 1.3205 areas as a next main station.

The expected trading range for today is between 1.3360 support and 1.3500 resistance, and the expected trend for today is Bearish
 

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ETHUSD - the cryptocurrency quotes remain under pressure

The main pressure on ETH over the past few days has been an unsuccessful joke by one of the blockchain developers with the nickname Cygaar. In an effort to assess the impact of social media posts on the crypto community, he hinted on Twitter that the ETH token would soon become insolvent. This post was supported by the heads of Tron Justin Sun and of Ethereum Vitalik Buterin. Investors took Cygaar's message as a warning, starting serious coin sales.

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Technically, the pair continues to trade within the mid-term descending channel and now the price is at the middle line of the Bollinger Bands (1200). In case of a breakout of the level of 1250 (Murray [2/8]), the growth will be able to continue to the area of 1375 (Murray [3/8]) and 1500 (Murray [4/8]). The key mark for the "bears" is 1125 (Murray [1/8]), consolidation below which will allow the instrument to continue its decline to the levels of 1000 (Murray [0/8]), 875 (Murray [-1/8]).

Resistance levels: 1250, 1375, 1500 | Support levels: 1125, 1000, 875
 

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EURUSD needs strong positive motive

The EURUSD pair shows some slight bearish bias to test the EMA50, while stochastic continues to move within the oversold areas, waiting to motivate the price to resume the expected bullish trend for the upcoming period, which targets testing 1.0515 as a next main station. On the other hand, we should note that breaking 1.0285 and holding below it will stop the expected rise and press on the price to turn to decline and achieve negative targets that start at 1.02 and extend to 1.0.

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The expected trading range for today is between 1.0285 support and 1.0450 resistance, and the expected trend for today is Bullish
 

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